Maryland Investor Buys Minnesota Shopping Center for $45.8M

First Washington Realty, based in Maryland, has acquired the Village of Blaine shopping district in Minnesota for $45.8 million. The property covers nearly 220,700 square feet and is located at 4335 Pheasant Ridge Drive NE in Blaine.

The center is anchored by Cub Foods on one side and The Home Depot and At Home on the other, with several smaller stores also occupying space. According to a press release from First Washington, Blaine is one of the fastest-growing areas in the Twin Cities metro, with development plans including housing and retail projects.

A senior vice president at Colliers, Lisa Christianson, noted that the health of tenants on a site can impact underwriting for the property. She stated that The Home Depot is 'super strong' with significant gross leasable areas, but Cub Foods has been making some moves, potentially impacting its tenant stability.

The Village of Blaine purchase marks First Washington's addition to its Twin Cities portfolio, which also includes properties like Rockford Road Plaza in Plymouth and Colonial Square in Wayzata.